This morning in metals news, the European Union plans to import retaliatory tariffs against the U.S. this week, Canada is considering aid to auto companies in light of proposed U.S. auto tariffs and President Trump’s trade adviser defends the administration’s tariff strategy.
E.U. to Strike Back
The E.U. will impose tariffs on the U.S. this Friday in response to the latter’s steel and aluminum tariffs, Reuters reported.
The new 25% duty will impact a wide range of items, including farm products, bourbon, jeans and motorcycles, according to the report.
Canada Prepares to Rev Up Potential Auto Tariff Response
On another U.S. trade front, Canada says it is prepared to provide financial aid to the auto industry should the U.S. impose auto tariffs, Reuters reported.
“The message I would convey to the auto sector workers is – we have your backs,” Innovation Minister Navdeep Bains was quoted as saying.
Trump Trade Adviser Defends Potential $200B in Tariffs
President Trump’s trade adviser, Peter Navarro, defended the recent announcement in which the president directed the U.S. Trade Representative to identify an additional $200 billion in Chinese goods to be subjected to a 10% tariff.